Nearly 70% of all small businesses in the U.S. start at home, which is why it is valuable to understand the nuances of claiming a home office deduction.
This is due to obvious reasons (renting office space isn’t cheap), but working from home is a lot more financially advantageous than most people realize. The IRS has rules that allow business owners to write off rent, utilities, equipment, renovations, real estate taxes, and more. In many cases, these tax rules can bag you $1,000 or more come tax time.
The average person can take off a lot of their everyday expenses and alleviate some of the stress that comes with entrepreneurship. You can even have your home office in a separate space from your actual home. How much you can get off your home office deduction will depend on meeting certain requirements and keeping proper documentation. [Read more…] about Working from Home: The Secrets Of Claiming A Home Office Deduction